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6/2/2014 9:08AM

Spanish King Juan Carlos to Abdicate Throne

Spanish Prime Minister Mariano Rajoy gave an official statement on King Juan Carlos’s decision to abdicate the throne and pave the way for his son, Crown Prince Felipe, to become the country's next monarch. Image: Associated Press

This transcript has been automatically generated and may not be 100% accurate.

I ... the show ... his Majesty the King ... don't include costs has just informed me his decision to have to take from go through ... an open the person is old succession ... the reasons behind this decision to the probe launched a keen to take this decision ... will be given by the King personally to bolster its ... during the course of this morning ... I would like to say the lifestyle became convinced that this is the best moment for the process of changing the head of state ... the transmission of the chrome